Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Maybe, maybe not. What is certain is that he hasn't put his money into GIGL. I can't think of a clearer sign of what he really thinks about it.
I didn't find it; ironically, that is all TooFrank.
Reminder of how much Phil believes in GIGL and/or how stupid Joey is.....
https://sandiego.eater.com/2019/5/10/18564302/downtown-currant-american-brasserie-sofia-hotel-bistro-619
Please do; put me out of my misery.
I agree. Notice none of the public restaurants Phil has been associated with were created by Phil. I'm guessing he was in the right place at the right time and has been riding coattails ever since.
Parsi is an idiot and might not have known better. Phil should have known and is worse in my opinion.
That was mean.
Something has to happen soon. They are getting low on cash. Quite frankly, even bankruptcy would be better than nothing. At least then we could all move on and quit exerting any attention on this.
Don't worry, I'm sure the "agreed upon" performance incentives in Joey and Phil's new compensation structure will punish them if the stock price falls below a certain threshold. They'll probably have to go to bed without supper.
Or at least no dessert.
Just so I understand that point, Phil is worth so much money that what he makes from GIGL - consulting fees, 6M shares per year, and a $75k bonus - is insignificant? Is that correct?
And the reason GIGL hasn't expanded is because...(checks notes)…..they can't find anyone with money to invest, correct?
Can you hear my eyes rolling?
If you're gonna try and sell bullshit, at least have it make a little sense. Here, I'll help:
Phil hasn't invested in GIGL because that would spark investor confidence, thereby raising the purchase price for any potential investor who is looking to acquire a significant position - an investor that has pockets to take this much further than Phil could on his own. He hasn't invested because he wants it to be acquired.
You're welcome.
Shameless.
Yet. I would love to hear Phil explain how GIGL is a good investment, just not for him - terrible look.
Phil is a fraud and a con-man, just like Joey. When he says they are doing everything they can to find capital, he's lying through his teeth. If he believed in this concept, he would put his money where his lying mouth is. He hasn't purchased one share. Every share he owns is payoff for perpetuating the illusion that he is involved in this company in some way other than collecting absorbent accounting fees for his private consulting firm ("corporate" expenses were $200k+ in the first qtr. alone). Instead, he is using his money to open his own restaurants.
https://sandiego.eater.com/2019/5/10/18564302/downtown-currant-american-brasserie-sofia-hotel-bistro-619
Lol, if this isn't proof he isn't focused on GIGL, I don't know what is.
Someone get the man a mirror!
I wonder what happened to this huge opportunity that was supposedly present almost four years ago.....
https://www.globenewswire.com/news-release/2015/07/29/755987/0/en/Interest-in-Giggles-N-Hugs-Franchise-Opportunities-Continues-to-Grow.html
Joey and Phil, liars.
Oh shit, the Russians are invading!!!!! Welcome, comrade! You got anything you wanna say to your troops? I'll sticky it for you.
Maybe they should contact Joey directly considering he's handing out 50k shares in lieu of paying someone $350. He'd probably cut you a real sweet deal for $1k. Hell, he might make them the next advisory board member.
Doesn't help that they have a $500k salary payable sitting on the books.
If you want in for this HUGE OPPORTUNITY(!!!!!!), just hit the button that says "buy". I'm sure you'll get filled. What's .005 when you are making dollars, right?
That's fine. Just make sure to give yourself the credit when it takes off.
Just go with it, Gator. At this point, who tf cares about "facts"!?!?!?! ; )
Joey doesn't seem too concerned considering he took out about $45k worth of salary payment (owed $56k for 3 months but payable only went up $11k).
Then again, he handed some employee 50k shares in exchange for $350 of services. That really matches up with his public statements proclaiming that he thinks the stock is undervalued.
TooFrank was right: piper needs to be paid. Huge increase in rent liabilities. I'm not sure how the change in accounting for leases affects them. Cash running veeeeery low.
Nice pop on revenue and operating margins.
LOVE how they capitalized the word "RECORD" in management's discussion of increased sales; really brings home the neutrality of the supposedly objective financial statements.
That doc. understates his position by 1.5M that he's "earned" but not yet received.
TooFrank posted this earlier (#41194). Interesting document. You can see the actual breakdown of shares owned by insiders!
https://backend.otcmarkets.com/otcapi/company/financial-report/219675/content
I am aware of his track record. Ethics aside, if he's privileged enough to be privy to inside information, he shouldn't be so arrogant to preach at those who aren't. If he does, he shouldn't be surprised when some hot-head who's in the dark tells him to go fuck himself.
Before I drift off to sleep and dream of management being perp walked, I'd like to remind everyone Phil "earned" 1.5M shares in the first quarter of this year and will "earn" another 1.5M on 6/30/18.
Nice work if you can find it.
Prove me wrong, assholes. Prove...me....wrong.
Just to clarify and make sure my small brain is following along with all this wisdom you're dropping, a -33% store growth rate and two completely failed offerings since the hot-shit, "co-CEO" known as Phil arrived on the scene over four years ago is actually a good thing and should definitely not be questioned. Am I understanding that right? Fuckin' brilliant, you should write a book.
Phil, I think you need to check the definition of "profitable". Nobody here is claiming to be a big, fancy-pants CEO. Nobody is even pretending to be a farcical co-CEO. But face facts, even though it's uncomfortable for you: management has repeatedly misled and lied to shareholders. The SEC should be bringing the hammer down, and I'm hoping they do.
I'll criticize as much as I damn well please. Joey forfeited his criticism-free status the second he went public.
Ehhhh, I disagree. I don't know any CEOs that should be compensated with 15% ownership (Joey) and 3.5% ownership per year (Phil).
Of the two, I think Phil's is more egregious. He hasn't done one fucking thing.
New and improved compensation arrangements that grant Phil 6M shares per year and Joey almost $400k per! For TWO restaurants!!!! Woooooo!
Can't wait for 1st qtr results!
Impatient?!?!?! Let me remind you of what was printed on 2/18/15:
“Giggles N’ Hugs’ business model aligns well with the top trends shaping the restaurant industry,” stated Gay. “As an active member of the Company’s executive management team, I can put my wealth of industry experience to work as we execute on our plans to expand to 25 locations over the next three years.” Gay brings nearly three decades of industry-related senior executive experience to Giggles N’ Hugs. From 2004 to 2010, he served as director, president, and CEO of Grill Concepts, a publicly-traded operator of upscale casual and fine dining restaurants throughout the U.S. Previously he served as chief financial officer for California Pizza Kitchen and Wolfgang Puck Food Company, and he has held various COO and CEO positions at Color Me Mine and Diversified Food Group.
You can blow "impatient" out your ass.
I used to have hope that someone would purchase this and turn it around, but no more. The more I read Joey's garbage compensation package, the more I realize he is a cancer that no one would ever take on as a partner. Why would anyone buy this unpatented concept when they could do it for less than or equal to what it would cost to buy?!!?!?! Not to mention you would have JOEY as a partner. Puke.
Here's the new compensation package he "awarded" himself; I inserted a few comments for color. Who would ever buy this company (or a controlling interest) knowing it will cost at least $225k just to get rid of Joey? I think this was done to prevent a hostile takeover.
Joey Parsi : On January 1, 2019, we (meaning Phil and I) entered into an employment agreement with Joey Parsi, pursuant to which Mr. Parsi agreed to devote a majority of his working time (whatever the fuck that means) to our business as our Co-Chief Executive Officer and we agreed to pay Mr. Parsi an annual base salary of $225,000, plus a onetime bonus of warrants exercisable for 25,997,000 shares of our common stock issued for a ten-year period with an exercise price of $0.0001 per share (fuck you, shareholders!). In addition, we also agreed to pay the monthly premiums for health care coverage for Mr. Parsi and the other members of his immediate family. Mr. Parsi will receive an annual bonus in cash of up to $175,000, in our sole discretion (HAHAHAHAHAHAHAHAHAHAHA) and based on mutually agreed upon financial performance goals (zero days forgetting to put on pants). Mr. Parsi will also be entitled to reimbursement for all ordinary and reasonable expenses incurred in the performance of his duties for the Company, including for a company car, lap top computer and cell phone. Mr. Parsi will also be entitled to six weeks of vacation annually. (I'm surprised he didn't throw in his mortgage)
The employment agreement may be terminated by either party for any reason at any time (because he might wake up one day and decided to fire himself). If Mr. Parsi’s employment is terminated by the Company with or without cause, Mr. Parsi will be entitled to receive a severance payment in the amount of 12 months of his base salary plus all unvested options, warrants and shares.
The employment agreement also contains covenants prohibiting Mr. Parsi from disparaging the Company or any of our officers, directors, employees or agents for a period of two years after his employment ends. The employment agreement also contains customary confidentiality provisions.
Here's another fun accounting error:
The '17 10-K shows Joey gave himself a $27k stock award in 2017, but poof! It's gone from the 2017 record in the '18k 10-K. Where did it go!?!?!?
Notice Sean only holds 700k shares. As of the '17 10k, he held 750k shares. That means he dumped 50k last year. Where's the Form-4?
I'm not trying to pile on Sean, but it speaks to a much larger problem and that is nothing about this company can be trusted. I strongly suspect a forensic accountant would find a lot more wrong.
Excellent point. Two profitable restaurants, yet the company is a complete train wreck. Just goes to show what a TERRIBLE job "management" has done.
Extremely odd considering the last 10k says Phil received all of those shares as compensation in 2018. What happened to all the shares he was being compensated with prior to '18?
Funny how Jilian Michaels wasn't listed as a 5%+ shareholder. Or anyone else Joey has ever mentioned.
I would gladly lose my entire investment in exchange for the SEC to come in and put Joey behind bars. Phil would be a cherry on top.
Good luck with that. I've never heard of a fox voluntarily leaving the hen house.
Considering the compensation packages that they just awarded themselves, I'm anticipating some significant shareholder fucking to commence any day now.
I'd party with Richards. He looks like he's seen a few things.
I'm surprised we haven't gotten an announcement that Uber will deliver GIGLs tasty organic food straight to your front door today.